Wednesday, June 16, 2010

White House Meets With BP Execs For First Time

This morning President Obama and his administration met for the first time face to face with BP execs to discuss the "what now" question revolving around one of the biggest environmental disasters to ever occur on US soil. BP's responsibility for the oil spill has people in arms and for very good reason. The hazard to all life in that area is evident. From birds and fish, to human beings, everything and everyone has been effected. People have lost their jobs, and therefore livelihoods and Im sure at some point even their patience.

Well this morning's meeting was meant to outline what BP will do about this disaster. Their relief efforts will occur as follows:

1. BP will eliminate all dividends for now- meaning any payments they were making to share holders in their stock will cease for now.
2. BP, over time will pay $20 billion to an independently controlled escrow account set aside to aid victims and cleaning efforts in the Gulf area.

While I am overjoyed at the idea of a plan, something in me questions whether $20 billion will actually get the job done? I guess its a start. Heading this fund will be the infamous attorney Kenneth Feinberg, most likely some of you BabyKayKs remember his name because he was also head of a 9/11 fund. Looks like the government and BP are cooperating to bring some relief to the life in the Gulf area. Its going to take time, and remember there are ways in which you can help! I know we love the fashion and entertainment and all of that, but realistically...its important to be aware of whats going on around you! If you dont wanna watch the news, just keep reading here..I got you! TNT BabyKayKs